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It is estimated that the US iGaming industry generates a total revenue of over $24.98 billion (a total in 2024). Activities such as real-money gaming and wagering are expected to maintain their popularity in the coming years. According to PlayToday, the industry is projected to be valued at over $3.70 million by 2027.
When it comes to the demographic participating in iGaming activities, it’s clear that young people are particularly interested in this pastime.
Statista reports that 49% of online gamers in the country are aged 16-24, while 51% fall within the 25-34 age bracket. Furthermore, these individuals engage in online gaming daily.
In this article, we explore why young people are increasingly drawn to iGaming activities, the factors fueling its rise in popularity, and the legal aspects of the iGaming industry.
Is iGaming Legal?
The legality of iGaming is a topic of significant interest and debate as the industry continues to grow. On a national level, iGaming is technically in the grey area. That’s because any real money gaming activities online aren’t mentioned in any laws.
While traditional forms of gambling, such as casinos and lotteries, are subject to regulation, the emergence of iGaming has posed a distinctive challenge to the existing legal framework.
Traditional gambling is regulated with the Public Gambling Act of 1867. This law has been in place before the advent of the internet. That’s why it lacks any reference to online activities.
The same goes for the Information Technology Act which governs the country’s online activities in general. This too has nothing on real money gaming activities.
There are only a few countries where online gambling is legal, and these are the USA, UK, Macau, Malta, Brazil, etc.
It’s worth noting that many countries can still decide on whether they want to regulate or prohibit iGaming activities. Some countries banned all online real money activities in recent years.
The US has a liberal approach to iGaming and some states have been moving towards stricter regulations. That shift is primarily driven by concerns related to addiction, the social impact of gambling, and the desire to protect vulnerable populations, particularly young individuals.
Whether more states will follow suit is something we still have to wait and see.
What’s Driving the Popularity of iGaming in the USA?
The rise of iGaming in the country can be attributed to a combination of factors. Many of the driving factors are something the US’s younger population can relate to.
Here are some of them:
Accessibility and Smartphone Penetration:
One of the foremost factors contributing to the popularity of iGaming in the US is the widespread accessibility of smartphones and affordable data plans. As a result, many can easily download a casino app real money.
Potential for Earnings:
The prospect of winning real money has drawn many players, especially youngsters, into the iGaming fold. With the right skills and strategies, players can turn their passion for gaming into a source of income.
Marketing and Promotions:
iGaming operators employ effective marketing strategies, including attractive bonuses and promotions. These incentives often act as a catalyst for individuals who might otherwise not have considered online gaming.
Social Connectivity:
Many iGaming platforms incorporate social features like casino chatboxes that enable players to connect with other online gamers. This social aspect of iGaming adds a sense of interactivity which enables casino players to enjoy a great gaming experience.
Convenience and Flexibility:
Last, but not least, is that iGaming offers unparalleled convenience. It allows people to enjoy their favourite real money games from the comfort of their homes or on the go. This flexibility aligns with the youngsters’ modern lifestyles.
Also Read: How To Start an Online Gambling Business ?
Conclusion
It’s true that while iGaming has gained significant popularity in the US, it still encounters numerous challenges, particularly in specific states like Utah, Alaska, and Hawaii. Other states may also find themselves reconsidering their stance on iGaming due to the associated risks.
However, the US has the potential to regulate iGaming, much like how other countries, such as the UK, have been doing for a considerable period. The reality is that many offshore iGaming operators are reaping the benefits of the industry’s growth.
When executed correctly, the regulation of iGaming can also be advantageous for the country’s economy. For now, we can only await developments in the evolving legal landscape.
